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Amicus Therapeutics Completes Debt Financing of Up to $25 Million


Amicus Therapeutics (Nasdaq:FOLD), a biopharmaceutical company at the forefront of therapies for rare and orphan diseases, has completed a $25 million long-term debt financing with a lending syndicate consisting of MidCap Financial, LLC, Oxford Finance LLC, and Silicon Valley Bank. Amicus has drawn down $15 million under the debt facility with a second tranche of $10 million available through the end of the fourth quarter of 2014. Under terms of the transaction, the cost of capital is less than 10% and there is no warrant coverage.

As previously announced, the Company also raised $15 million in a private placement of 7.5 million shares of common stock priced at $2.00 per share, plus the issuance of warrants to purchase an additional 1.6 million shares at $2.50 per share. Participants were Redmile Group and GlaxoSmithKline (GSK). The Company projects that the current cash position, including the proceeds from the private placement and debt financings, are sufficient to fund operations into the second half of 2015.

"We believe this combination of debt and equity satisfies our funding needs at an attractive cost of capital and in a way that balances near-term capital requirements and shareholder dilution," said William D. Baird III, Chief Financial Officer of Amicus Therapeutics, Inc. "With these transactions, we have sufficient funding to achieve a number of important milestones into the second half of 2015."

Proceeds from the transactions will be used to advance the development of the company's next-generation therapies for Fabry, Pompe and other lysosomal storage diseases (LSDs) utilizing its proprietary chaperone-advanced replacement therapy (CHART(TM)) platform technology.

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